Beijing releases nine point plan to increase China’s ailing growth

THE CHINESE government unveiled a package of policies designed to jump start the country’s slowing growth this weekend, with the liberalisation of finance among the top priorities.

The National Development and Reform Commission (NDRC) announced nine priorities to reorganise the changing economy.

The Commission is pushing for further reforms to China’s state-owned enterprises, increasingly allowing market-led prices in the financial sector and advocating a more transparent system for producing government budgets.

It also wants to deepen reforms in the power and the oil and gas industries and cut red tape for investment approvals. The regulator said China will push forward price reforms for resource products and speed up urbanisation-related reforms to allow more people to live in cities.

Despite the commitment to reform, some analysts have a negative view of the country’s potential to raise growth. The government’s target of 7.5 per cent growth is much lower than the expansions seen a decade ago, and some forecasters believe even that will be missed.